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Hyundai E&C says bridge construction project in Chile still under way

All News 10:32 December 26, 2019

SEOUL, Dec. 26 (Yonhap) -- Hyundai Engineering and Construction Co., a major South Korean builder, said Thursday its US$679 million project to build a suspension bridge in Chile is still under way, shrugging off speculation that the project is suspended.

Hyundai E&C said its consultations with Chile's Ministry of Public Works "are going well over appropriate costs of additional work caused by Chile's demand for design changes in the project."

"It is not true that construction has been suspended," Hyundai E&C said in a statement.

The statement came amid a dispute between Hyundai E&C and the Chilean government over additional costs of the project.

Hyundai E&C secured the project in 2014 in a consortium with Brazilian builder OAS to construct a 2.75-kilometer-long bridge over the Chacao Channel in the Los Lagos region, some 1,000 km south of Santiago.

Hyundai E&C's stake was 51 percent, or $330 million, but it acquired a 49 percent stake from OAS in June this year.

Hyundai said the work marks the first four-lane suspension bridge to be built in all of South America and will help Chile connect the resort island of Chiloe with the mainland.

entropy@yna.co.kr
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